Financials Jiangxi Jovo Energy Co., Ltd

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-06-10 pm EDT			5-day change	1st Jan Change
29.73 ^CNY	-1.69%		+12.40%	+6.44%

Jun. 06	Jovo Energy to Use Remaining IPO Funds of 556 Million Yuan for Working Capital; Shares Up 10%	MT
May. 25	Certain A Shares of Jiangxi Jovo Energy Co., Ltd are subject to a Lock-Up Agreement Ending on 25-MAY-2024.	CI

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,579	12,915	17,280	18,497	-	-
Enterprise Value (EV) ¹	15,579	12,915	17,280	18,497	18,497	18,497
P/E ratio	23.1 x	11.7 x	14.3 x	12.3 x	10.6 x	9.32 x
Yield	-	1.45%	1.43%	2.41%	2.76%	3.19%
Capitalization / Revenue	0.84 x	0.54 x	0.65 x	0.65 x	0.62 x	0.58 x
EV / Revenue	0.84 x	0.54 x	0.65 x	0.65 x	0.62 x	0.58 x
EV / EBITDA	15.7 x	8.99 x	9.51 x	8.52 x	7.48 x	6.64 x
EV / FCF	-	8.15 x	17.7 x	38.4 x	20.9 x	16.1 x
FCF Yield	-	12.3%	5.65%	2.61%	4.78%	6.22%
Price to Book	2.72 x	1.92 x	2.3 x	2.08 x	1.77 x	1.54 x
Nbr of stocks (in thousands)	620,158	625,414	618,704	622,165	-	-
Reference price ²	25.12	20.65	27.93	29.73	29.73	29.73
Announcement Date	4/12/22	3/7/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	18,488	23,954	26,566	28,322	29,725	32,008
EBITDA ¹	-	990.7	1,436	1,817	2,171	2,473	2,787
EBIT ¹	-	762.6	1,245	1,488	1,768	2,041	2,304
Operating Margin	-	4.12%	5.2%	5.6%	6.24%	6.87%	7.2%
Earnings before Tax (EBT) ¹	-	766.1	1,270	1,487	1,776	2,048	2,307
Net income ¹	767.6	619.7	1,090	1,306	1,542	1,781	2,009
Net margin	-	3.35%	4.55%	4.92%	5.44%	5.99%	6.28%
EPS ²	1.521	1.086	1.760	1.950	2.412	2.818	3.190
Free Cash Flow ¹	-	-	1,584	977.1	482	884	1,150
FCF margin	-	-	6.61%	3.68%	1.7%	2.97%	3.59%
FCF Conversion (EBITDA)	-	-	110.35%	53.77%	22.2%	35.75%	41.26%
FCF Conversion (Net income)	-	-	145.36%	74.82%	31.26%	49.63%	57.23%
Dividend per Share ²	-	-	0.3000	0.4000	0.7175	0.8200	0.9475
Announcement Date	4/29/21	4/12/22	3/7/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	1,584	977	482	884	1,150
ROE (net income / shareholders' equity)	-	14.2%	17.7%	17.9%	17.4%	17.4%	17.6%
ROA (Net income/ Total Assets)	-	8%	9.64%	9.06%	9.98%	10.4%	10.6%
Assets ¹	-	7,744	11,309	14,409	15,447	17,200	18,918
Book Value Per Share ²	-	9.250	10.80	12.10	14.30	16.80	19.30
Cash Flow per Share ²	-	0.1600	2.710	3.430	2.530	3.990	3.590
Capex ¹	-	728	111	1,181	1,236	1,273	1,122
Capex / Sales	-	3.94%	0.47%	4.45%	4.36%	4.28%	3.51%
Announcement Date	4/29/21	4/12/22	3/7/23	4/9/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

29.73 CNY

Average target price

34.58 CNY

Spread / Average Target

+16.32%

	1st Jan change	Capi.
JIANGXI JOVO ENERGY CO., LTD	+6.44%	2.55B
THE HONG KONG AND CHINA GAS CO LTD	-3.18%	14.07B
ENN ENERGY HOLDINGS LIMITED	+15.48%	9.74B
ENN NATURAL GAS CO.,LTD.	+22.00%	8.72B
KUNLUN ENERGY COMPANY LIMITED	+9.80%	8.44B
CHINA RESOURCES GAS GROUP LIMITED	+6.05%	8.16B
GRUPO ENERGÍA BOGOTÁ S.A. E.S.P.	+35.53%	5.97B
SOUTHWEST GAS HOLDINGS, INC.	+16.45%	5.29B
UGI CORPORATION	-7.11%	4.79B
GUJARAT GAS LIMITED	+33.22%	5B